Ask the Mortgage Experts

How can we buy our first house if my friend doesn't work and I'm a student?

I want to buy a house with my friend. Together we have £57,000 saved for a deposit. he does not work and I am about to embark on a masters degree but have enough in savings (seperate to the money for a deposit) to pay the mortgage for the duration of the 2 year masters. my dad is willing to act as a garantor for the mortgage. would any banks accept this?

Jade,

This certainly isn't going to be the easiest case to place, however a lot depends on what the Loan to Value(LTV) will be. I think almost certainly a lender would want your dad to stand as guarantor or even go on the mortgage itself, and therefore we'd need to know the details around his personal financial situation.

We do have excellent relationships with those lenders who still manually underwrite cases, and I think that in your particular circumstances, we'd be looking to go down this route.

If you'd like to find out more, then please let me know and I'll arrange a convenient time for you to speak to one of our consultants.

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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